Condo
A condominium can be one story, two stories or multi-story units. In a condo, each unit is individually owned and each owner receives a deed to the unit purchased. The condo owner has the right to sell, mortgage, etc. the unit. Ownership consists of everything within the walls of the unit including all amenities that are fastened to the ceiling, walls or floors, but not the land beneath the unit! The land that the condominiums are located on, is owned in common by all of the home owners in the condominium development.
Everything outside of the walls such as hallways, lobbies, exercise rooms, laundry, clubhouse or pools, etc. is shared and owned by everyone. Condo owners pay dues that cover exterior repairs, as well as the upkeep of the grounds and landscape.
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